Yes, they need to spend on exploration and development, but they can also reduce the spending and wait until the market makes more sense.
Looking at the numbers, the company spent $42.1 million on exploration and development in the past 2.5 years (July 2020 -December 2022) but the market cap is $38.1 million!
So, two conclusions emerge: either the market doesn't value EM2 fairly or the money spent was largely wasted.
To me, it seems like the share price is going down because it has been going down.
Uncomfortable Buy, page-91
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